Author: Editor

President Donald Trump plans to remove Internal Revenue Service Commissioner Billy Long from the job to nominate him for an ambassadorship, according to a White House official, throwing the leadership of the tax agency once again into turmoil.Treasury Secretary Scott Bessent will serve as acting commissioner until a permanent replacement is named, according to the official, who described the changes on the condition of anonymity.Long’s departure will be the latest turnover atop the IRS, which has had six different people lead the agency this year. In April, Bessent openly sparred with Elon Musk after the billionaire Trump ally installed Gary…

The One Big Beautiful Bill Act is sparking questions from employees and payroll departments about how to handle the various tax breaks, including on overtime pay.The Internal Revenue Service’s announcement Thursday saying it would not be making any changes for the rest of tax year 2025 to withholding tables or to information returns such as the Forms W-2, 1099 and 941 until next year may help overworked payroll departments for now, while also boosting tax savings next year ahead of the midterm elections for many taxpayers. But employees still want to know about the various tax breaks.”We’re definitely hearing a…